Lab-grown diamond jeweller Aukera raises ₹90-crore in funds

Aukera, an Indian lab-grown diamond jewellery brand, on Friday said it has raised ₹90 crore ($10 million) in a fresh funding round led by existing investor Alteria Capital, with participation from InnoVen Capital, Lighthouse Canton, and a leading bank.

The funding round comes less than a year after Aukera closed a $15 million equity raise led by Peak XV Partners, with participation from Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital.

"This capital lets us take that promise to many more cities, faster," Aukera Founder and CEO Lisa Mukhedkar said in a statement.

Co-Founder Kumar Saurabh said the company believes the category's eventual market leader will need to invest at least ₹1,000 crore, as the mining industry adjusts to the growing acceptance of lab-grown diamonds as a permanent alternative.

Aukera said it would use the new capital to accelerate store openings in new and existing markets, continue investing in design, product innovation and talent, and strengthen the omnichannel infrastructure supporting its retail business.

Since its last fundraising round, the company, which was founded in 2023, has expanded its network of company-owned stores to 35 from 13, moving beyond Bengaluru, Hyderabad and Delhi NCR into cities including Pune, Lucknow, Dehradun and Vizag.